Sometimes it is good to take a step back and think ‘big picture.’ That is exactly what The DRG does for you with our market solutions. In today’s competitive and dynamic business environment, companies need to keep a pulse on market perceptions and continuously develop strategies to stand out from the competition. Before diving deeper into specific customer, brand, and product research initiatives, it can be beneficial to take an assessment of the overall market.
The DRG’s market solutions look at current trends, opportunities, and customer/prospect groups within your market, and include:
- Segmentation Research – Studies customers and prospects’ demographics, behaviors, and attitudes to identify segments and key purchase triggers for each unique group.
- Market Opportunity Research – Identifies and evaluates the potential of target markets, as well as uncovers new opportunities in existing markets.
- Competitive Assessment Research – Evaluates perceptions and your performance compared to your key competitors.
With a deeper understanding of your market, you are better able to differentiate you brand and products from competitors, expand into new markets, increase your market share in existing markets, and grow your sales. An additional benefit is more internal efficiencies, as you can allocate your resources to markets and customer segments with the most growth potential.
…Recognizing the Diversity of Customers and Prospects
It is common knowledge that not all customers and prospects are the same. Therefore, it does not make sense to use a universal marketing and sales strategy. Businesses can benefit from recognizing the diversity of their customers and customizing their strategies for specific audiences.
Segmentation is the process of dividing a total market into sub-groups based on similarities related to their needs and demands for a company’s products and services. The market analysis is typically completed using data from a survey; however, information from internal client databases and secondary sources can be incorporated as well. The goal is to identify unique, actionable segments, as well as to uncover any unmet needs that can be leveraged.
Segmentation typically looks at demographics (if a consumer-focused market) or firmographics (if a business-focused market). However, it is also important to evaluate behavioral and attitudinal information such as:
- Purchase behavior
- End use
- Key decision criteria
The insights from market segmentation help businesses better focus their marketing resources. Results are used to:
- Customize marketing/sales strategies and campaigns for each segment
- Allocate resources to the segments with the greatest potential
- Identify the products each segment is likely to be most interested in
- Develop new products to meet any unmet needs
Market Opportunity Assessment
…A Deeper Understanding of Target Markets
Many times, clients come to The DRG with a unique product or concept, but they do not know the target market for the product or are unsure if the market is sizable enough for the product to be a success.
In these situations, The DRG uses a blend of research techniques to help businesses understand and prioritize the markets in which they should focus. We typically evaluate:
- Need Identification – Explore initial interest in the product as well as any unmet needs in the market that the product may fulfill.
- Business Climate – Evaluate competitors, industry trends, and government regulations.
- Market Trends – Look at population trends and economic growth/decline.
- Target Markets – Determine the characteristics of consumers/businesses most likely to be interested in the product. When target markets are identified, we may then look to additional secondary sources to help measure the size of the market.
…Differentiating Your Brand from Competitors
As nearly all businesses have competitors, most organizations would benefit from a deeper understanding of how their brand and products are perceived compared to the competition.
The DRG completes competitive assessment research on behalf of a wide mix of clients. Some are new to the market and are looking for a deeper understanding of who exactly are likely to be their primary competitors. Others are well-established but are interested in a competitive assessment due to recent competitor actions (e.g., new product launch or sales promotion) or changes in the industry.
Regardless of the situation, The DRG typically interviews your customers and prospects, including customers of key competitors, to learn about their perceptions and experiences. We may supplement our information with secondary sources to discover richer insights. We then complete a SWOT analysis, identifying your current strengths and weaknesses, as well as opportunities you can leverage and threats that need to be addressed.
The insights from these competitive assessments are used to better differentiate your brand, products, and services from competitors, and grow your market share.